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23  WEST  MAIN  STREET 

WEBSTER,  N.Y.  14580 

(716)  872-4503 


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CIHM 
Microfiche 
Series 
(l\Aonographs) 


ICMH 

Collection  de 
microfiches 
(monographies) 


Canadian  Institute  for  Historical  Microreproductions  /  Institut  Canadian  de  microreproductions  historiques 


Technical  and  Bibliographic  Notes  /  Notes  techniques  et  bibliographiques 


The  Institute  has  attempted  to  obtain  the  best  original 
copy  available  for  filming.  Features  of  this  copy  which 
may  be  bibliographically  unique,  which  may  alter  any 
of  the  images  in  the  reproduction,  or  which  may 
significantly  change  the  usual  method  of  filming,  are 
checked  below. 


L'Institut  a  microfilm^  le  meilleur  exemplaire  qu'il 
lui  a  ixt  possible  de  se  procurer.   Les  details  de  cet 
exemplaire  qui  sont  peut-£tre  uniques  du  point  de  vue 
bibliographique,  qui  peuvent  modifier  une  image 
reproduite,  ou  qui  peuvent  exiger  une  modification 
dans  la  mithode  normale  de  f  ilmage  sont  indiqu^s 
ci-dessous. 


Th« 
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Th« 
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Coloured  covers/ 
Couverture  de  couleur 

Covers  damaged/ 
Couverture  «ndommagie 

Covers  restored  and/or  laminated/ 
Couverture  restaurie  et/ou  pellicula 

Cover  title  missing/ 

Le  titre  de  couverture  manque 

Coloured  maps/ 

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Encre  de  couleur  (i.e.  autre  que  bleue  ou  noire) 

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Retie  avec  d'autres  documents 

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Blank  leaves  added  during  restoration  may  appear 
within  the  text.  Whenever  possible,  these  have 
been  omitted  from  filming/ 
II  se  peut  que  certaines  pages  blanches  ajouttes 
lors  d'une  restauration  apparaissent  dans  le  texte, 
mais,  lorsque  cela  £tait  possible,  ces  pages  n'ont 
pas  M  filmtes. 


r~T' Additional  comments:/  There  are  some  creases 

I   -^l  Commentaires  supplementaires: 


□  Coloured  pages/ 
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0:; 


ages  damaged/ 
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0:; 


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n 


impression 

Continuous  pagination/ 
Pagination  continue 

Includes  index(es)/ 
Comprend  un  (des)  index 

Title  on  header  taken  from:/ 
Le  titre  de  I'en-tCte  provient: 

Title  page  of  issue/ 

Page  de  titre  de  la  livraison 


Orig 
b«al 
thai 
•ion 
othi 
first 
•ion, 
or  ill 


Tho 
shall 
TINL 
whic 

Mapi 
diffai 
antlri 
bagif 
right 
raqui 
math 


I       I  Caption  of  issue/ 


Titre  de  depart  de  la  livraison 

□  MastI 
Gene 

in  the  afddle  of  the  pages 


Masthead/ 

Generique  (periodiques)  de  la  livraison 


This  item  is  filmed  at  the  reduction  ratio  checked  below/ 

Ce  document  est  filmi  au  taux  de  rMuction  indiqui  ci-dessous. 


10X 

14X 

ijiA 

22X 

26  X 

30X 

J 

12X 


16X 


20X 


24  X 


28  X 


32  X 


!  qu'il 
le  cet 
It  de  vue 
age 
cation 
quis 


Th«  copy  filmad  h«r«  has  b—n  rtproducad  thanka 
to  tha  ganarosity  of: 

Manuscript  Division, 
National  Archives  of  Canada 


Tha  imagaa  appaaring  hara  Bn  tha  bast  quality 
poMibIa  conaidaring  tha  condition  and  lagibility 
of  tha  original  copy  and  in  kaaping  with  tha 
filming  contract  apaclflcationa. 


L'axamplaira  filmi  fut  raproduit  grica  i  la 
g4niroaltA  da: 

Division  des  tnanuscrits. 
Archives,  national es  du  Canada 

Laa  imagaa  suivantaa  ont  itt  raprodultas  avac  la 
plus  grand  soin.  compta  tanu  da  la  condition  at 
da  la  nattati  da  Taxamplaira  filmA.  at  an 
eonformitd  avac  las  conditlona  du  contrat  da 
nimaga. 


Original  eopiaa  in  printad  papar  covars  ara  fllmad 
baginning  with  tha  frant  covar  and  anding  on 
tha  laat  pago  with  a  printad  or  iilustratad  impraa- 
slon.  or  tha  back  coyar  whan  appropriata.  Ail 
othar  original  eopiaa  ara  fllmad  baginning  on  tha 
first  paga  with  a  printad  or  Iilustratad  lmpraa< 
slon.  and  anding  on  tha  laat  paga  with  a  printad 
or  illuatratad  Impraaalon. 


asamplairas  originaux  dont  l«  couvartura  an 
paplar  aat  Imprim4a  sont  filmis  an  commandant 
par  la  pramlar  plat  at  an  tarminant  soit  par  la 
darnl4ra  paga  qui  comporta  una  ampralnta 
dlmprasslon  ou  d'illustratlon.  soit  par  la  sacond 
plat,  salon  la  eas.  Toua  las  autraa  axamplairas 
originaux  sont  filmte  an  commandant  par  la 
pramlAra  paga  qui  comporta  una  amprcinta 
dimpraasion  ou  d'illustratlon  at  an  tarminant  par 
la  darhlAra  paga  qui  comporta  una  talla 
ampralnta. 


Tha  laat  racordad  frama  on  aach  microflcha 
shall  contain  tha  symbol  «^  (moaning  "CON* 
TINU£D").  or  tha  symbol  V  (moaning  "END"), 
whichavar  appliaa. 


Un  das  symbolas  suivanta  spparaltra  sur  la 
darniira  imaga  da  chaqua  microflcha.  salon  la 
cas:  la  symbols  -^  signifia  "A  SUIVRE '.  la 
symbols  ▼  signifia  "FIN". 


Mapa.  plataa.  charta.  ate,  may  ba  filmad  at 
diffarant  raduction  ratios.  Thosa  too  larga  to  ba 
antlraly  includad  in  ona  axposura  ara  filmad 
baginning  In  tha  uppar  iaft  hand  cornar,  laft  to 
right  and  top  to  bottom,  aa  many  framas  as 
raqulrad.  Tha  following  diagrams  illustrata  tha 
mathod: 


Las  cartas,  planchas,  tableaux,  ate,  peuvent  dtra 
filmto  k  das  taux  da  reduction  dif firsnts. 
Lorsqua  la  document  ast  trop  grand  pour  Atra 
raproduit  an  un  saul  clichA,  il  ast  film*  i  partir 
da  I'angla  supAriaur  gaucha.  da  gaucha  k  droit«, 
at  da  haut  an  bas,  an  pranant  la  nombra 
d'imagas  nicessaira.  Laa  diagrammas  suivants 
illustrant  la  m4thoda. 


1  2  3 


32  X 


1 

2 

3 

4 

5 

6 

New  York,  March  1st,  1848. 

To  SIR  ALLAN  MacNAB, 

President  of  the  Great  Western  Rail-Road. 
Sill, — In  reply  to  the  inquiries :  , 

1.  Whether  it  avouUI  be  beneficial  to  the  Company  to  apply  for,  and  receive 
a  loan  through  the  aid  of  Government,  to  assist  in  the  construction  of  your  work, 
with  reference  to  the  value  of  the  Stock  ? 

2.  Whether  in  my  opinion  such  aid  could  be  aiForded  by  the  Government, 
consistently  with  the  public  interest  und  the  exercise  of  its  proper  functions  ? 

3.  Whether  similar  aid  had  been  afforded  in  the  United  States,  and  if  so, 
what  had  been  its  effects  upon  the  public  interest  ? 

I  would  state  that  the  answer  to  the  first  inquiry  mupt  depend  on  the 
expense  of  construction,  and  the  amoinit  of  business  which  would  probably  be 
done  on  the  road  to  be  constructed.  For  the  purpose  of  satisfying  myself  on 
these  points,  I  have  carefully  examined  the  Report  of  Major  Stuart  to  the  Board 
of  Directors  of  your  Company,  dated  1st  September,  1847,  which  has  been  fur- 
nished me.  I  have  scrutinized  the  Survey  reported  on,  as  the  only  means  in  my 
power  to  ascertain  the  probable  expense  of  its  construction.  It  seems  to  me  to 
have  been  made  with  much  care,  and  the  estimates  for  the  expense  appear  fair, 
and  the  allowance  for  contingencies  quite  liberal.  From  these,  and  my  knowledge 
of  the  country  over  which  it  is  located,  I  have  but  little  doubt  that  it  can  be 
completed  within  the  Estimate,  fi-om  Niagara  River  to  Detroit,  to  wit,  £1,238,520, 
Halifax  Currency,  or  4,954,080  dollars. 

I  have  also  examined  the  statistics  in  that  Report,  and  compared  them  with 
statistics  in  my  possession,  such  as  the  trade  and  navigation  of  the  Lakes,  the 
Canals,  the  arrivals  and  departure  and  toimage  of  the  several  ports,  and  the  Rail- 
road and  Steamboat  passenger  traffic,  &c.  It  seems  to  me  that  Major  Stuart  is 
fully  sustained  by  them  in  his  estimates  of  business  and  profits.  Indeed,  I  shall 
be  very  much  mistaken  if  the  profits  he  anticipates  are  not  more  than  realized,  if 
the  work  shall  be  successfully  completed  and  prudently  managed. 

It  has  been  our  experience  in  all  improvements,  and  channels  of  busir..'  i 
and  traffic  connected  with  the  Western  Country  and  the  Lakes,  that  they  have 
far  outstripped  the  most  sanguine  anticipations.  This  has  been  strikingly  illus- 
trated in  the  case  of  the  Eric  Canal  and  the  line  of  Western  R       ,'ys. 

It  may  not  be  improper  here  to  remark,  that  I  regard  Major  Stuart's  Report 
as  the  most  able  document  of  the  kind  that  has  fallen  under  my  observation  in  a 
long  time.     No  one  can  rise  from  its  perusal  without  feeling  a  conviction  of  its 

reliable  character. 

If  I  am  right,  then,  in  my  conclusion  thus  drawn,  that  the  work  can  be  con- 
structed within  the  estimate,  and  that  the  profits  will  be  as  large  as  contemplated, 
a  loan  contracted  with  or  without  tiie  aid  of  Government,  at  a  reasonable  interest, 
much  below  the  per-centage  of  profits,  for  a  period  of  considerable  duration,  it 


fl 


i 


would  follow  that  such  a  loan  of  a  portion  of  the  capital  for  constructing  the 
Road,  would  ma?;c  the  Stock  much  more  valuable  to  the  holders,  because  the 
the  excess  beyond  the  interest  would  go  to  swell  the  dividends  as  much  as  the 
profits  should  exceed  the  interest,  or  be  applied  as  a  sinking  fund  to  diminish 
every  year  and  finally  extinguish  the  principal  of  the  loan. 

The  second  question  is  not  as  easy  of  demonstration,  because  it  depends  on 
more  complicated  circumstances,  some  of  which  are  not  connected  with  the 
immediate  W(irk  before  us. 

It  may  safely  be  adopted  as  our  axiom,  that  all  Governments  arc  or  should 
be  administered  with  reference  to  the  ijeneral  interests  of  their  constituents,  and 
that  no  departure  from  this  general  rule  should  be  tolerated,  except  where  the 
favouring  of  a  local  or  particular  interest  will  in  no  material  degree  prtyudice  the 
whole  or  any  of  the  other  parts. 

It  would  not  therefore  be  right  for  Government  to  furnish  capital  for  a  sec- 
tional road  or  private  improvement,  without  a  reasonable  prospect  and  security 
for  its  indemnity ;  because  the  application  of  it  would  not  be  universal,  but  the 
money  would  come  from  a  common  fund  in  which  all  would  be  interested. 

It  might  be  adopted  as  another  safe  axiom  that  wherever  it  can  be  done 
without  injury  or  probable  injury  to  the  whole  or  its  other  parts.  Government 
should  lend  its  aid  to  advance  the  interest  and  prosperity  of  any  class  or 
section  of  its  people.  And  in  ratio  to  the  extent  and  magnitude  of  the  benefit, 
is  the  obligation  imperative  to  put  forth  a  helping  hand.  In  deciding  then  on 
the  answer  to  the  second  question  we  must  be  governed  by  the  foregoing  rules. 
I  do  not  think  this  Railway  can  be  presented  as  one  that  will  so  universally 
embrace  the  interest  of  the  people  of  the  Province,  as  to  warrant  the  Government 
in  embarking  in  a  loan  without  at  least  a  fair  prospect  of  indemnity;  but  it  is 
nevertheless  a  work  of  very  extensive  interest;  as  much  so  at  least  to  your 
people,  as  was  the  Erie  Canal  to  the  people  of  the  State  of  New  York,  and  as 
large  a  proportion  of  them  would  participate  in  its  benefits,  as  did  the  people  of 
the  States  in  the  benefit  of  the  Canal. 

It  connects  Lake  Ontario  by  a  direct  line  with  the  Upper  Lakes.  It  forms 
a  base  lincAvhere  nearly  all  the  people  of  Canada  West,  and  with  other  and  cheap 
communications,  connect.  It  is  a  part  of  a  line  of  Railways  that  will  soon  be 
made,  passing  through  the  interior  to  the  Atlantic,  and  will  be  a  portion  of  the 
outlet  from  the  whole  region  of  the  Upper  Lakes  to  tl-e  sea  ;  and  is  a  short  con- 
necting link  between  waters  following  the  St.  Lawrence  to  the  Atlantic,  and 
ascending  Detroit  River  to  the  head  of  Lake  Superior,  in  all  following  a  demar- 
cation of  2,000  miles  through  and  along  the  Province.  It  gives  your  people  the 
carrying  business  and  traffic,  and  makes  your  country  the  transit  between  five 
Western  States,  and  seven  Eustern  States  of  the  Union.  This  must  be  a  source 
of  great  profit  and  advantage  to  your  2)eoplc,  and  may  become  u  source  of  revenue 
to  your  Government.  In  every  point  of  vievv  it  is  clear,  that  your  road  embraces 
an  interest  general  enough  to  command  the  attention  and  patronage  of  Govern- 
ment, at  least  so  far  as  will  be  compatible  with  general  interests.  This  brin'^s 
me  to  enquire  whether  the  Government  can,  with  safety  to  its  own  interest  as  such, 
lend  you  the  benefit  of  its  security. 


8 


In  the  first  place,  all  the  interest  in  the  road  will  be  pledged  for  the  payment 
of  the  loan,  and  unless  that  pays  more  than  enough  to  pay  the  interest,  nothing  will 
go  to  the  Stockholders;  they  get  no  dividends.  I  am  not  informed  as  to  th(? 
amount  of  the  contemplated  loan,  but  I  will  assume  it  to  be  one  iialf  of  the  esti- 
mated expense  of  the  work,  as  I  understand  the  other  half  is  already  subscribed. 
Interest  on  this  sum,  say  at  5  per  cent,  would  be  £.'51,250  currency  or  ^125,000 
yearly.  To  endanger  the  safety  of  this  loan,  then,  the  profits  of  the  road  nnist 
amount  to  less  than  this  sum,  or  about  2i  per  cent  on  the  outlay.  The  Utica 
Rail-road  from  r.uffalo  East  parallel  with  Lake  Ontario  and  the  Erie  Canal,  with 
which  it  has  had  to  compete  without  materially  shortening  the  distance,  has 
averaged  over  15  per  cent  profits  yearly  since  its  construction,  and  the  last  year 
has  netted  about  20  per  cent.  The  ('cntral  Rail-way  of  ^Michigan  completed 
only  144  miles,  and  terminating  in  a  wilderness,  running  from  Detroit  West  netted 
last  year  14  per  cent.  These  Rail-ways  are  mentioned  because  they  are  at  the 
tennination  of  your  Road  East  and  West  of  it,  and  furnish  more  approximate 
data  to  ascertain  the  profits  of  your  Road  than  any  other;  but  they  do  not  in  my 
opinion  furnish  or  possess  the  advantage  for  profits  that  yours  does;  because  yours 
from  Hamilton  to  Detroit,  IGG  miles,  will  oe  without  a  competitor.  It  will  shorten 
the  distance  of  all  the  travel  up  and  down  the  Lakes  more  than  one  third,  and 
shorten  the  time  two  thirds,  besides  giving  a  safer  and  more  agreeable  passage. 
It  would  appear  from  these  facts  that  the  Government  can  lend  you  the  aid  of 
their  credit  without  any  public  injury,  or  the  most  remote  hazard  of  loss,  and  if 
I  am  right  in  this,  they  can  fulfil  a  duty,  render  an  incalculable  benefit  to  a  very 
great  proportion,  and  probably  a  majority  of  their  constituents. 

That  it  is  one  of  tiie  proper  functions  of  Government  thus  indirectly  to  aid 
the  people  in  the  hnprovemcnt  of  the  country  seems  to  me  to  be  a  settled  ques- 
tion, if  indeed  it  ever  was  a  question. 

It  is  done  extensively  in  England  and  France;  indeed,  in  various  forms,  all 
over  Europe,  and  in  nearly  all  the  States  in  the  Union,  and  by  the  General 
Government  of  the  Union. 

Should  it  be  objected  that  it  would  be  unsafe,  even  with  such  ample  security, 
to  advance  the  public  credit,  because  the  Corporation  may  so  mismana"e  its  con- 
cerns that  the  Road  will  not  produce  enough  to  indemnify  the  Government  1 
answer  that  the  whole  Road  lies  within  the  Province,  and  will  be  under  their  eye 
and  control,  and  tliey  have  the  power  in  their  own  hands.  If  the  Agents  mis- 
manage the  concern  of  the  Road,  they  can  check  or  remove  them,  and  take  the 
Road  under  their  own  control  whenever  the  Government  is  put  in  jeopardy  by 
such  mismanagement,  and  thus  secure  the  faltliful  payment  of  the  loan. 

In  reference  to  the  third  question,  whether  "  such  aid  has  been  "•ranted  to 
Companies  by  the  States,  and  with  what  effect?"  I  answer,  that  the  State  of 
Massachusetts  has  guaranteed  to  Rail-road  Companies  upwards  of  Eiglit  Millions 
of  Dollars,  which  has  enabled  them  to  carry  the  means  of  transportation  to  nearh' 
every  section  of  the  State,  '•.nd  to  penetrate  other  States  also,  and  thus  to  draw 
their  commerce  to  thoir  own  State.     These  Roads,  it  is  believed,  have  doubled 


I\ 


tlie  valuation  of  the  laud  in  that  State,  and  probably  more  than  doubled  their 
commercial  business,  and  the  State  has  never  had  a  dollar  of  the  interest  to  pay, 
and  seems  in  no  manner  of  dan;;er  of  ever  being  obligcid  to  pay  any. 

The  State  of  New  York,  about  nineteen  years  ago,  loaned  to  tiie  Hudson  and 
Dehnvare  Canal  Company,  by  an  issue  of  debentures,  7!);{,000  dollars,  which  ena- 
bled tlicm  to  complete  their  works.  They  have  always  paiil  their  interest  punc- 
tually, Imvo  rtdueod  of  the;  principal  about  half,  and  have  a  surplus  on  hand  suffi- 
cient to  pay  the  remainder.  This  Canal  has  been  of  very  great  benefit  to  the 
section  of  Country  within  the  reach  of  its  influence,  has  made  heavy  dividends 
to  the  Stockholders,  and  the  Stock  is  now  worth  over  150  per  cent,  in  Market. 

The  State  has  since  made  similar  loans  of  credit  to  the  Auburn  and  Syracuse 
liail-road  Company,  the  Auburn  and  Kochester  Hail-road  Company,  the  Tona- 
wanda  Kail-road,  the  Long  Island  Rail-road,  and  the  Schenectedy  and  Troy 
If  ail-road  Company,  all  of  which  have  punctually  paid  their  interest  and  provided 
sinking  funds  for  the  principal,  and  nearly  all  of  them  made  large  dividends  to  the 
Stockholders.  No  well  grounded  fears  exist  that  the  State  will  ever  meet  with 
any  loss  by  them,  and  these  Works  too  have  increased  the  biisiness  and  enhanced 
the  value  of  property  within  their  influence  to  an  unknown  extent.  The  only 
Corporations  by  which  the  State  has  suffered  by  becoming  security,  are  the  Can- 
ncjohanie  and  Catskill  Rail-road  Company,  the  New  York  and  Erie  Rail-road 
Company,  the  I'tica  and  Oswego,  and  the  Hudson  and  Berkshire  Kail-road 
Company. 

The  two  first  failed  because  the  amount  of  Stock  subscribed,  and  the  loans 
guaranteed  by  the  (jovernmcnt,  were  not  more  than  one-fourth  sufficient  to  com- 
plete the  Roads,  and  when  this  was  expended  the  Roads  ware  oidyjust  begun 
and  unproductive,  and  being  a  doubtful  Stock,  they  co\dd  raise  no  more  money  to 
complete  them.  The  two  latter  Koads  were  located  where  there  was  neither 
travel  nor  business,  and  the  income  scarcely  enough  to  support  the  Roads.  Yet  it 
is  believed  the  Government  will  yet  be  indenmified  for  the  loan  to  the  Kerkshire 
and  Hudson  Company  by  a  sale  of  the  Koad.  All  these  unfortunate  loans  were 
made  at  a  time  of  great  expansion  of  currency  and  connnerce,  when  t^he  nominal 
value  of  real  estate  was  every  where  swollen,  and  the  public  excited  by  these 
fictitious  prices  almost  to  mania.  The  Govermnent  partook  of  this  excitement 
to  a  dangerous  extent.  In  short  they  were  most  improvident  guarantees,  and 
a  little  prescience  ought  to  have  foretold  the  disastrous  issue. 

No  inference  mifavorable  to  Government  guarantees  for  internal  improve- 
ments can  be  drawn  froju  the  failure  of  the  loans  to  these  four  roads,  any  more 
than  would  an  improvident  loan  to  an  insolvent  individual,  where  the  mort- 
gaged property  was  without  value,  and  a  defective  title  given,  be  evidence  against 
a  provident  loan  with  good  security  and  perfect  title. 

I  would  not  advise  that  Government  should  lightly  or  without  most  satis- 
factory evidence  of  safety,  loan  its  credit  to  a  Comi)any.  Nor  would  1  think  it 
advisable  even  in  cases  otherwise  holding  out  strong  assurance  of  indemnity  to 
loan  more  than  half  the  amount  of  the  Capital.  It  appears  to  me  too  that  the 
Government  should  require,  in  all  cases,  that  there  should  be  an  annual  sinking 


(I 


i 


i 


fu,.d  to  be  applied  to  a  ...luctiou  of  tl.e  Pri^-,clpul.  Wl.cre  one  l.alt  ot  the 
Capital  i.  l-uv;.Lhe.l  by  Stuckla.  lor,  tbeirn-iUir.,..es.  to  u.vest  and  g.ve  tlu,  loan 
a  preference  un.l  n.ake  their  own  l.olden  for  it,  furnishes  one  very  notable  .tem  of 
infornuaion  to  the  (lovernn.ent  in  dcternuning  the  safety  of  the  loan. 

The  State  of  Maryland  has  loaned  about  four  nulhons  ol  dollar  to  the 
Chesapeake  and  Ohio  Hail-road  Con.pany.  This  lload  is  con.plcted  to  the  Cum- 
bel,Kl  Mountains,  is  carrying  on  an  extensive  traffic,  and  saving  the  Government 

'"'"ItTbenents  to  Maryland  are  beyond  calculation.  Kecently  the  State  of  Tencs- 
see  which  is  nearly  free  fron.  debt,  and  in  this  respect  dee.ned  very  prudent  and 

aut  1,  has  loaned  its  credit  to  a  Kail-road  Co„.pany  for  $800,000.     Indeed 

t  r-indec.d  it  is  practiced  by  n.ost  of  the  States  of  the  Un.on  n.  a  greater 

or  less  degree,  and  where  reasonable  caution  has  been  used,  always,  so  far  as  1 

have  learned,  with  excellent  ctfects.  .       .     «•  „j 

S„,no  o  M,c  „cw  S::,.»  in  the  south  «c,.  p.m  of  U,o  U„io,„  anx,o„,  .0  afford 

c„en.-,v<,  co„,„u.c.ial  f.oUite.,  to  force  tl.cif  business  "'to. <=°">I";  ■"»";'*;*: 

Iamorcco,nn,cvcialncigl.bo..riug  States,  l.ave  1-'  '1--"»1"  "  „ e'rl 
rsomc  cms  to  Banks  connected  ,vl.h  Uail.,-ond,.  Suel,  loans  have  gen  rally 
"      T      lure,  and  involved  the  States.     The  States  ot  this  k,nd  are.  AlaW  , 

M         ■     i  ™,1  Arkansas-  each  of  these  has  entailed  upon  itself  a  heavy. cumbrous, 
M,ss«„i>l"  andArkansas  each  ^^^^^  ^  ^^^ 

nnrl  in  =iome  cases  a  reimdiatcu  ueut.      luc  uuji-i   >j<-  ,   ,,.  i  • 

hen  seUrb  then  Je  debts  are  IVnnsylvania.  Indiana.  lUino.s  and  M.clngan^ 
Be  the  debts  of  these  States  were  incurred  by  lend.n»the,r  cred.^o 
Corporation,.  They  undertook  to  make  their  improvements  direct ly  by  th  Gov- 
erZen  and  not  b  encouraging  individual  enterprise.  None  of  «-  *«'  ™ 
ale  h  came  surety  for  any  Company, ccept  Miclngan  m  one  sn,g  e  ease.  «h,ch 
va.  carried  through  successfully,  and  the  Government  saved  harmless 

1  have  thus  Sir,  given  you  my  views  on  this  subject,  and  have  avo.ded  as  far 
■  1       all  m«cr,  forei-n,  to  >      matter  in  hand,     t  am  under  an  nnprcs- 

I' Xt* . i::;™^- -  - --°^-°" r "rr """ """ °"' 

unconstructed  work  now  before  the  public,  within  my  knowledge. 

1  am,  with  great  respect. 

Your  obedient  servant, 

(Signed,)  LCT  CLARK. 


J. 


